The Maldives Monetary Authority (MMA), the country’s central bank, has announced the development of a Green Finance Taxonomy.

The Maldives, being a Small-Island Development State (SIDS), is at extreme risk across several areas of vulnerability from climate change. This includes rising sea levels, sea surface temperature, erosion, droughts, bleaching of coral reefs, vector borne diseases – all of which has an impact on tourism and fisheries that the economy is critically dependent on. Mitigation and adaptation of above vulnerabilities, requires funding – at international, institutional and individual levels. This in turn requires an effective governance ecosystem in place.

This MMA’s Green Finance Taxonomy assignment, which has been awarded to MTI Consulting, will help to map the Sectors, Sub-Sectors and Activities – that can be considered as Green. It will be considering internationally adopted Green Taxonomy practices (e.g. Technical screening, Whitelist, Principle-based) and Maldives’ own circumstances. It will also identify policy gaps and recommend improvements – that can enable more effective green financing.

MTI Consulting is an international strategy consultancy – having carried out 680 projects across 51 countries, over the last 27 years via 7 Regional Offices and Associates across 30 + countries.

Photo: MTI Consulting CEO (Hilmy Cader) with the Stakeholders of the Maldives Monetary Authority